AI-backed precision agri platform plans to use the funds for product development, expansion
MUMBAI, 30 May 2024: Agritech startup Fyllo has announced that it has raised $4 million in a fresh funding round led by IndiaQuotient and SIDBI Ventures. Existing investors Triveni Trusts, IAN, and KIAORA participated in the round.
Fyllo will use the funds to expand into new geographies and crops and develop more precision agriculture products.
Global warming has led to significant climate change. It has reduced soil health and random attacks of diseases and pests have made agriculture uncertain. Through its precision agriculture platform, Fyllo has developed AI-based prediction models that can suggest good agri processes to farmers that bring about consistency in farm produce and quality.
Fyllo founders Sudhanshu Rai and Sumit said, “We are seeing a surge in the adoption of precision agriculture. Farmers are using mobile phones to make 90% of their decisions. With this funding, we would like to work even more closely with farmers, build new and better products, and expand our reach to farmers and other geographies.”
Currently, over 8,000 farmers are using Fyllo’s services on more than 50,000 acres and have consistently received 25% more yield, 80% export-quality produce, and 30% more income. Fyllo is now looking to make its current offering widespread by expanding around its existing geographies and working on expanding its product offerings.
Sahil Makkar from IndiaQuotient said, “The Indian agricultural sector has long grappled with the uncertainties of erratic weather and crop wastage, causing farmers to fall short of meeting global benchmarks for productivity, efficiency, and output quality. However, a new generation of farmers is emerging, equipped with technological know-how and a willingness to adopt innovative practices to drive improvement.
We strongly believe in Fyllo’s potential to harness this shift, increase adoption rates in precision agriculture, and expand its product suite to reach millions of farmers across India. This endeavourelevates productivity and output quality and addresses climate challenges in agriculture.”
Farmers who have adopted the Fyllo platform have achieved significant environmental benefits as they manged to cut down their chemical usage by 35%, leading to a reduction in irrigation needs by approximately 50%. This has resulted in a saving of over 100 billion litres of water and a reduction of 4 million kilograms of carbon emissions.
Chintan from SIDBI Ventures said, “Given the climate change scenario and crop wastage, Fyllo, through its precision agriculture platform, is helping farmers to make better decisions. The market for precision agriculture is growing, and based on Fyllo’s record of strong retention, we expect them to tap a larger chunk of this market.”